NPN-JO

NPN-JO

NPN-JO

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q3	Sep 30, 2024	Merchant West	-	-	AVI.JO, CL, NPN.JO, OUT.JO, PG, PRX.AS	Central Banks, China, emerging markets, Government Unity, interest rates, REITs, South Africa	The Government of National Unity has generated positive momentum with business confidence rising and financial markets rallying strongly. The FTSE/JSE All Share Index gained 9.6% in Q3, with SA Inc stocks leading performance as consumer and business confidence gradually returns.		View
2024 Q2	Jul 30, 2024	Rozendal Partners	-	5.5%	0700.HK, B4B.DE, BAYN.DE, CGR.JO, HCI.JO, HL.L, KSPI, MDIA3.SA, META, MTN.JO, NPK.JO, NPN.JO, PPC.JO	global, Market Efficiency, Passive investing, technology, Turnarounds, value	The letter extensively discusses value investing philosophy and challenges, including David Einhorn's assertion that market structures are broken and value investing is dead due to passive investing. The managers defend value investing, arguing that patient fundamental investors can still profit through cash flow generation rather than just multiple re-rating.		View
2025 Q2	Jun 30, 2025	Merchant West	-	-	BP, BRK-A, COLB.CO, CVX, DHR, ISRG, NPN.JO, SHEL, SHP.JO, SYK, TTE, XOM	demographics, energy, healthcare, Investment Management, liquidity, policy, South Africa, technology	JSE liquidity has been declining with trading concentrated in fewer stocks. Large asset managers face significant challenges building meaningful positions in illiquid stocks without moving prices. This creates opportunities for boutique managers who can access under-researched small and mid-cap companies.	TTE TTE FP	View
2026 Q1	May 6, 2026	Fairtree Global Equity Fund	-8.4%	-8.4%	000660 KS, 005930 KS, 0700.HK, IMP.JO, KSPI.L, NPN.JO, PRX.AS, SOL.JO, TCOM, TSM	active management, emerging markets, energy, Geopolitical, technology, valuation			View
2026 Q1	Apr 9, 2026	Peterson Investment Fund	-0.8%	-0.8%	BABA, BRK/A, DJCO, GOOGL, NPN.JO	Concentration, energy, Geopolitical, long-term, oil, shipping, value			View
2026 Q1	Apr 8, 2026	INN8	-	-	0700.HK, APO, ARES, BLK, CFR.L, NPN.JO, PRX.AS, SOL.JO	AI, geopolitics, inflation, Iran, Middle East, oil, private credit, Stagflation			View
2026 Q1	Apr 18, 2026	Steyn Capital FR QI Hedge Fund	1.5%	1.5%	0700.HK, AEL.JO, GLEN.L, NPN.JO, PAN.JO, PRX.AS	emerging markets, Geopolitical, gold, Long/Short, Mining, oil, South Africa, value		PRX.AS NPN.JO PAN.JO GLEN.L AEL.JO	View
2026 Q1	Apr 18, 2026	Steyn Capital FR Retail Hedge Fund	0.5%	0.5%	0700.HK, AEG.JO, GLEN.L, NPN.JO, PAN.JO, PRX.AS	energy, Geopolitical, gold, Long/Short, Mining, South Africa, value		NPN.JO PRX.AS PAN.JO GLEN.L AEG.JO	View
2025 Q4	Feb 3, 2026	Steyn Capital FR Retail Hedge Fund	5.5%	18.3%	AEG.JO, ANG.JO, NHM.JO, NPN.JO, PRX.AS, TEN.HK, TGO.JO	China, emerging markets, Long/Short, Mining, Precious Metals, South Africa, value	Gold prices drove a blistering rally that contributed significantly to portfolio returns and local index performance. The fund continues to hold exposure while actively managing position sizes due to the volatility of single commodity miners. Platinum prices experienced strong performance alongside gold, with Valterra Platinum being the largest contributor after benefiting from both strong PGM prices and an accelerated book build by former parent Anglo American. Chinese stocks benefited from improved sentiment, with Prosus and Naspers gaining alongside their Tencent holding. The improving outlook for eCommerce portfolio and continued value-accretive buyback programs supported performance.		View
2025 Q4	Feb 10, 2026	Fairtree Global Equity Fund	1.7%	-	6723.T, AAPL, ADP, AMAT, AMZN, BABA, ELV, EVO.ST, FI, GOOGL, HAR.JO, IMP.JO, MC.PA, META, MSFT, NPN.JO, NVDA, PDD, PM, TSM	AI, emerging markets, global, rates, semiconductors, technology	AI-related stocks continued to show strength, with mega-cap technology and AI-related names benefiting early in the quarter. South Korean equities gained from improving sentiment around the global electronics and AI cycle, while semiconductor stocks maintained momentum. Semiconductor stocks performed well, particularly in South Korea where they benefited from improving sentiment around the global electronics and AI cycle. TSMC was a notable contributor to fund performance. The Federal Reserve delivered a further 50bp rate cut over the quarter, lowering the federal funds target range to 3.50%-3.75%. Lower global interest rates supported South African equities and contributed to improving macro conditions.		View
2025 Q4	Jan 18, 2026	Steyn Capital FR QI Hedge Fund	6.3%	18.3%	AEG.JO, ANG.JO, NHM.JO, NPN.JO, PRX.JO, TEN.JO, TGO.JO	gold, Hedge Fund, Long/Short, Platinum, South Africa, value	Precious metals longs were the largest contributors to portfolio returns amid a blistering rally in gold prices, which drove the majority of local index returns. The manager continues to have a positive view on gold and maintains exposure while actively managing position sizes due to volatility. Platinum experienced strong performance alongside gold, with Valterra Platinum being the largest contributor following an accelerated book build by former parent Anglo American. The manager maintains a positive view on platinum while managing position sizes appropriately. The fund follows a value-oriented approach, buying securities trading materially below intrinsic values. Many high-quality South African equities remain meaningfully undervalued, creating a favorable environment for bottom-up stock selection and contributing to increased corporate activity including take-private transactions.		View
2025 Q4	Jan 15, 2026	Baillie Gifford -Emerging Markets	5.7%	40.7%	000333.SZ, 000660.KS, 005380.KS, 005930.KS, 0700.HK, 2318.HK, 2454.TW, 2939.TW, 300750.SZ, AXSB.NS, B3SA3.SA, BABA, FM.TO, IMP.JO, KMB.NS, MELI, NPN.JO, RELIANCE.NS, SE, SQM, TSM	AI, China, commodities, emerging markets, growth, semiconductors, South Korea, technology	China's high-level economic policy framework places significant emphasis on artificial intelligence, computing infrastructure, semiconductors, and smart manufacturing. The continued evolution of the AI investment cycle drove positive momentum, with notable strength in Korea. Memory semiconductor companies like Samsung and SK Hynix benefited from soaring demand for high-performance AI memory. Strong operational performance at Samsung Electronics and SK Hynix contributed to fund returns. Samsung is projected to regain the number one position in the global DRAM market, driven by soaring demand for high-performance AI memory and sharp rise in conventional DRAM prices. SK Hynix reported 62% year-over-year growth in profits and all capacity is fully booked for 2026. China offers the clearest example of how policy direction, innovation capacity and sheer scale can combine to reshape global industries. The 15th Five-Year Plan emphasizes AI, computing infrastructure, semiconductors, and smart manufacturing. Despite tariffs and trade tensions, the combination of high-quality businesses and compelling valuations remains hard to ignore. The commodities sector has been in focus with combination of US easing cycle and political will for a weaker dollar being very positive for gold and broader precious metals complex. Lithium saw easing upstream cost pressures and robust downstream battery-storage demand supporting sharp price recovery. Copper market shows structurally tight supply with planned supply expected to meet only 70% of projected 2035 demand. Latin American e-commerce and fintech platform MercadoLibre detracted from performance for the second quarter in a row, though the manager maintains a differentiated view based on long-term investment horizons. The company recorded its 27th straight quarter of 30% or higher revenue growth. Korean e-commerce leader Coupang faced challenges from a major data breach despite continuing strong growth. South Korea was one of the world's best-performing markets this year, buoyed by regulatory and governance reforms raising hopes for improved shareholder returns through the 'Value Up' program. Memory semiconductor space showed strong operational performance with significant upgrades to earnings forecasts, making valuations still attractive in global context despite rapid share price appreciation.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 23, 2026	Fund Letters	Steyn Capital FR Retail Hedge Fund	Naspers	Internet Retail	Interactive Media & Services	Bull	New York Stock Exchange	asset sales, Buyback program, China, Discount Arbitrage, Holding Company Discount, Internet, technology, Tencent	View Pitch
Apr 23, 2026	Fund Letters	Steyn Capital FR QI Hedge Fund	Naspers	Internet Retail	Interactive Media & Services	Bull	New York Stock Exchange	buyback, China exposure, Communication Services, Discount Arbitrage, holding company, technology, Tencent, Value	View Pitch

BSD Shareholders of NPN-JO

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

Manager Name	Fund Name	Fund AUM	Invested Value	Portfolio Weight	Shares Owned	Shares Bought / Sold During Quarter	% Bought / Sold During Quarter	% of Shares Outstanding Owned
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